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Energy Summary for Jan. 29, 2025

2025-01-29 18:09 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery lost $1.15 to $72.62 on the New York Merc, while Brent for March lost 91 cents to $76.58 (all figures in this para U.S.). Western Canadian Select traded at a discount of$11.20 to WTI, up from a discount of $13.10. Natural gas for February added six cents to $3.53. The TSX energy index added 3.23 points to close at 272.85.

Oil prices slipped on bearish U.S. supply data. In its latest weekly data release, the U.S. Energy Information Administration (EIA) reported that domestic crude inventories rose by 3.5 million barrels last week. This was the first increase in 10 weeks, and was higher than analysts' predictions of just 1.1 million barrels (if polled by The Wall Street Journal) or 3.2 million barrels (if polled by Reuters). Traders also have their eye on U.S. President Donald Trump's tariff threats -- with the White House still set on imposing 25-per-cent tariffs on Canadian goods on Feb. 1, according to U.S. officials -- and a scheduled meeting of top OPEC+ ministers on Feb. 3.

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